What happens when a collector passes, but the collection itself was not accounted for in the estate planning documents?  You as the estate attorney, tax advisor, or judge need to consider the bigger picture.  It’s not only just the typical considerations of house, business, real estate and finances.  

Consider the individual and who he, she or they are – have they built a collection as an investment or a hobby?  Are there generational inherited possessions? Have they amassed a collection through an artistic endeavor (talent) such as an artist creating drawings or paintings or a sculptor who has works in museums; did they actively sell or maybe had no market for some time if ever?  These examples could hold monetary value and are aspects of an individual’s estate that are not commonly explored; and sometimes not discovered until after the fact when an estate is being examined; by then valuable information may be lost.

In relation to all of this, what are the duties of the executor regarding the valuation of the collection and when should an appraiser be brought in? Come and join the discussion of an arts attorney and a fine and decorative arts appraiser and explore the big picture so your due diligence, including legal and ethical obligations, on behalf of your clients can be maximized.